West African oil and gas explorer FAR Ltd has attracted a $45 million cash takeover bid from recent investor Samuel Terry Asset Management, which has pounced on the stark underperformance of its shares compared to its existing and prospective cash resources.

FAR, a former partner in Woodside Petroleum’s $US4.6 billion ($6.6 billion) Senegal oil project, has about $US40 million of uncommitted cash on its balance sheet and is anticipating future payments of up to $US55 million once production starts up in late 2023.